Property division in divorce can have long-term financial repercussions, and it's important to have a good property division lawyer on your side. Among the assets that can be divided in divorce, retirement funds may be particularly important to hold onto if you want to live comfortably in your golden years.
There are financial risks involved when going through a divorce. For example, a spiteful wife could rack up thousands of dollars worth of credit card debt. Or, she could attempt to hide all documents related to her retirement account and any joint accounts, basically trying to get a bigger share in the divorce settlement. And while this can certainly happen in any divorce, it is of particular concern when one spouse is controlling.
It can be tempting for Illinois couples going through a divorce to fight over who should get the family home. A lot of times, emotions are tied up in these decisions. However, it is important to think about the future when coming to an agreement on a divorce settlement. Many times, this will mean putting more of an emphasis on the retirement account than the actual home.
When it comes to retirement savings accounts, like a 401(k), people often want the best advice when it comes to protecting those assets in the case of a divorce. And while the first piece of advice would be to plan ahead and have a prenuptial agreement before even walking down the aisle, for those without a prenuptial agreement, there are still other options that may be available.